Economic Dictionary Economic system The way in which a nation uses its resources to satisfy people’s needs and wants. The way in which a nation uses.
Chapter 3. Section 3.1 Objectives Define the concept of an economy List the factors of production Explain the concept of scarcity Discuss how traditional,
The Market Economy. Learning Objectives Define Economics and Economic system Define equilibrium price and equilibrium quantity Explain why the price of.
The Market Economy. Learning Objectives Define Economics Differentiate between different Economic systems Describe the characteristics of a market economy,
What are the 3 main questions???. 1.What goods/ services should be produced? 2. How should they be produced? 3. For whom should they be produced?
